RBI Slaps Rs1.13 Crore Penalty on 4 Cooperative Banks including Bombay Mercantile Cooperative Bank

Reserve Bank of India (RBI) has imposed a penalty of Rs1.13 crore on four cooperative banks, including Bombay Mercantile Cooperative Bank Ltd, for non-compliance with the directions issued by the banking regulator. The highest penalty of Rs63.30 lakh has been imposed on Bombay Mercantile Cooperative Bank.

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